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Argentine rural workers and farmers protested in Rosario, Santa Fe province, on February 28, 2023, demanding lower export taxes and a better exchange rate. The protest comes as a prolonged drought is hitting their fields.
Export duties and a weak official exchange rate reduce farmer selling incentives, which can tighten Argentine export availability. The drought is the larger supply factor, so the price effect of the protest itself is modest.
reuters.comMaximilian HeathFeb 28, 2023After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
